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Home > Osisko - Hammond Reef > News > Agnico Eagle Provides...
Osisko - Hammond Reef

Agnico Eagle Provides Mexican Exploration Update - El Barqueno Mineralized Zones Continue to Expand - Potential for Reserve and Resource Additions at Creston Mascota and La India

Sep 21, 2015
TORONTO, Sept. 21, 2015 /PRNewswire/ - Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM) ("Agnico Eagle" or the "Company") is pleased to provide an update on exploration drilling results at its El Barqueno gold project in Jalisco State, west-central Mexico, and an update on exploration activities at the Creston Mascota deposit at Pinos Altos ("Creston Mascota") and the La India mine in northern Mexico.
 
The Company last reported drill results from El Barqueno in its news release dated June 9, 2015.  This news release summarizes the results of the exploration and technical studies at the project to the end of August 2015.
 
At Creston Mascota and the La India mine, ongoing infill drilling and the refinement of geological and metallurgical models are expected to result in an expansion of the mineral reserves and mineral resources at both open pit operations.

 
Highlights
 
• El Barqueno prospects continue to expand

• Azteca-Zapoteca prospect extended to 300 metres depth - In the northeast portion of the deposit, hole BRQ15-174 yielded 8.04 grams per tonne (g/t) gold (uncapped) over 5.0 metres at 227 metres depth.  In the southwest portion, hole BRQ15-226 intersected four lenses between 173 and 303 metres depth including 2.25 g/t gold (uncapped) over 3.6 metres at 303 metres below surface.
 
• Angostura yields high-grade gold - Drillhole BRQ15-206 intersected 15.49 g/t gold (uncapped) over 3.0 metres at 87 metres below surface.
 
• Peña de Oro strike length extended to over 800 metres - Drilling has extended the strike length of the Peña de Oro prospect to the southwest by approximately 160 metres. Recent results include hole BRQ15-172, which intersected 10.82 g/t gold (uncapped) over 4.9 metres at 32 metres below surface, and hole PDO15-086 near the center of the prospect that intersected 2.69 g/t gold (uncapped) over 27.5 metres at surface.
 
• Processing and mine design studies underway - Preliminary conceptual studies and metallurgical testing have now commenced at El Barqueno, with an initial focus on the design of an open pit heap leach operation with similarities to Creston Mascota and the La India mine.

• Potential for reserve and resource additions at Creston Mascota and La India
     ○ Infill drilling encounters high-grade gold in pit bottom at Creston Mascota - Over its mine life, Creston Mascota has added approximately 50% (179,000 ounces of contained gold) to its mineral reserves through infill drilling and improved geological understanding.  Recent drilling has encountered higher grade and wider than expected intercepts within the ultimate pit outline, which is expected to increase mineral reserves.
     ○ La India potential for reserve and resource growth - An improved geological model from infill drilling and mine reconciliation plus metallurgical test results on sulphide mineralization are expected to result in an increase in both oxide and sulphide mineral reserves and mineral resources at year-end 2015.

"Drilling at El Barqueno continues to expand the known deposits, and we are aiming to declare the first resource by mid-February 2016.  Based on results to date, we have initiated conceptual design studies with a view to initially developing an open pit heap leach operation at El Barqueno," said Sean Boyd, Vice Chairman and Chief Executive Officer of Agnico Eagle.  "Creston Mascota and La India have been very successful heap leach operations for Agnico Eagle, and recent work suggests good potential to further extend the mineral reserves and mineral resources at both operations. Over time, we believe that El Barqueno could generate similar value for our shareholders," added Mr. Boyd.

 
Summer Drill Program Expands Known Deposits at El Barqueno
 
Agnico Eagle has a 100% interest in the El Barqueno project.  The 32,840-hectare property is in the Guachinango gold-silver mining district, Jalisco State, Mexico, approximately 150 kilometres west of the state capital of Guadalajara. It consists of three blocks of land: the original El Barqueno package (El Barqueno I, II and III) acquired from Cayden Resources in November 2014, and two adjacent blocks acquired from Soltoro Limited in June 2015 (El Rayo and El Tecolote).  Three additional non-contiguous blocks of property totaling 37,195 hectares were also acquired through the Soltoro acquisition - La Tortuga, Quila and San Pedro. These blocks are located between 10 and 80 kilometres to the south of the El Barqueno project.
 
 
The El Barqueno project contains a number of known mineralized zones and several prospects that require further evaluation.  There are currently 10 drill rigs operating on the project.  From January 2015 to the end of August 2015, 148 holes (35,646 metres) were drilled to define the limits of the Azteca-Zapoteca, Angostura and Peña de Oro prospects, and to explore for additional mineralized structures and extensions.  Drilling has begun to test the Zapote-Mixteca prospect, which has been shown to be gold-bearing by recent rock sample and trench results. 
 
Approximately 32,000 metres of additional drilling is expected to be completed by the end of 2015, principally at the Azteca-Zapoteca, Angostura, Peña de Oro and Zapote-Mixteca prospects.  Exploration expenditures at El Barqueno in 2015 are currently expected to total approximately $22 million.
 
 
Gold, silver and copper grades of recent intercepts from the Azteca-Zapoteca, Angostura and Peña de Oro prospects are set out in the table below and the drill collars are located in the accompanying table as well as on the local project geology maps.  All intercepts reported for the El Barqueno project show uncapped grades over estimated true widths, based on a preliminary geological interpretation that will be updated as new information becomes available with further drilling.

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Source: http://ir.agnicoeagle.com/English/investor-relations/news-releases/news-release-details/2015/Agnico-Eagle-provides-Mexican-exploration-update---El-Barqueno-mineralized-zones-continue-to-expand---Potential-for-reserve-and-resource-additions-at-Creston-Mascota-and-La-India/default.aspx

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